realestate

Luxury Home Developers Acquire Adjacent Lots for High-End Projects

The Trivedis plan to develop a luxury residential project on part of their record-breaking Naperville estate.

K
eyur and Megha Trivedi, owners of the record-breaking estate in Naperville's 222 West Van Buren Avenue, are planning to transform a portion of their property into a luxury residential development called "The West End". The project involves subdividing the eastern part of their one-acre estate into four homesites, which will be developed by Lakewest Custom Homes. Two corner lots will be priced at $3.2 million each, while two central lots will cost $3 million.

    The subdivision will feature high-end amenities such as elevators, fitness centers, and rooftop entertainment spaces with views of downtown Naperville. The Trivedis' goal is to preserve the residential charm of downtown Naperville while attracting affluent buyers who value luxury combined with urban convenience. To achieve this, they purchased adjacent land to prevent commercial development.

    The Naperville City Council approved the subdivision earlier this summer. The Trivedis set a DuPage County real estate record last year by purchasing their estate for $8.1 million. They paid over $7.4 million for the property, with $5.4 million going towards the mansion and adjacent land, and $2 million for an adjoining parcel. The remaining amount was an auction fee.

    The luxury market in Naperville has been active this year, with a recent listing of a $10 million mansion featuring a nine-car garage and a two-story apartment.

Luxury home developers acquire adjacent lots in upscale neighborhood for high-end projects.